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Investors pull $956m from Binance after Zhao’s resignation

Alex Omenye
Alex Omenye

Investors on Binance have about $956 million from crypto exchange in the past 24 hours, data firm Nansen reported on Wednesday.

The move comes a day after its chief, Changpeng Zhao, stepped down and pleaded guilty to breaking U.S. money laundering laws.

The data only includes flows on the ethereum blockchain, Nansen analysts said.

Changpeng “CZ” Zhao had left his position as CEO of Binance as part of a significant $4 billion deal with the Department of Justice and the cryptocurrency exchange he founded.

His resignation follows a Tuesday settlement with the Office of Foreign Assets Control, the Financial Crimes Enforcement Network of the Department of Treasury, the DOJ and the Commodities Futures Trading Commission.

In June, the SEC accused Binance and its founder, CZ, of running an unlicensed exchange and deceiving investors by inflating the trading volume on Binance’s U.S. platform through the use of a fund domiciled in Switzerland, Sigma Chain, which CZ also owned.


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